Wipro Ltd has set June 16 as the record date for its ₹12,000-crore buyback plan.
The IT major had fixed a floor price of ₹445 a share. Wipro will buyback up to 26.97 crore shares of face value ₹2 each from the shareholders which are about 4.91 per cent of total paid-up equity shares.
Wipro, in 2020, launched ₹9,500-crore buyback and bought back 23.75 crore shares at ₹400 a share. Historically, the company has announced four share buybacks in 2020, 2019, 2017, and 2016.
Wipro on Friday closed at ₹404.80 on the BSE. Wipro reported a 0.4 per cent year-on-year decline in net profit at ₹3,074.5 crore, owing to the worsening of the macro-environment.
On a sequential basis, profit rose a meager 0.7 per cent from ₹3,052.9 crore last quarter, missing street expectations. Revenue from operations stood at ₹23,190 crore, an 11 per cent y-o-y growth and 0.2 per cent q-o-q decline.
The company had provided modest guidance for the next quarter (Q1 of FY24) at -3 per cent to -1 per cent in constant currency terms. The guidance during the previous quarter was -0.6 per cent to 1.0 per cent.